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FundedByMe

Funding Through Social Networking


Tiny
Published 04/13/2012 and rated Ratingstars3 3 out of 5 stars
by Robyn Valenzuela
What can you use the app for?

Funded By Me is a platform for crowdfunding one's projects and dreams. It was developed out of the frustrations that entrepreneurs, artists and enthusiasts face as they are struggling to build up their project. The main difficulties surround getting the word out and raising the funds needed to operate. How FundedByMe works is that users can submit their project in a few steps. The team advises users to upload a video, to be very specific about their project. Users should consider this video their sales pitch to the world for why their project is relevant, important and deserving of their attention and funds! The more confident users are the more likely they are to persuade others of their importance of their project. The team at FundedByMe will review these videos and sometimes offer advice and feedback. The reason for this is to make sure that their insight gets passed onto the community. Since FundedByMe makes it so that projects are shown in their very best light and are more likely to convince others to participate in the cause. FundedByMe claims that their community is full of people who want to help others succeed or are interested in getting shares of a viable company. Additionally, they recommend that projects offer a small token of appreciation to those who support their efforts, like a CD, T-shirt or something else. On projects that don't receive their targeted funds, all of the monies contributed are refunded to the backers.

FundedByMe screenshot
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What is the history and popularity of the app?

As of March 2012, FundedByMe had "helped raise 1 116 240,63 kr in pledges from 3439 people for 275 projects." They are a Swedish organization developed on the premise of helping creative people to get the legs for their projects to take them places. FundedByNe was founded by Daniel Daboczy and Arno Smit. They were founded in 2011.

What are the differences to other apps?

FundedByMe focuses primarily on the strength of social networking and applying that to the theory of crowdfunding. Additionally their team offers a personal element for the users who submit their projects in that they will offer some advice, insight and feedback for some of these projects to help make them successful. Also, backers can feel secure in that if the projects fails to meet its terms or fundraising requirements then their funds will be refunded to them in a matter of 90 days. FundedByMe hosts many projects and is organized by project categories so those who have some extra money can find a cause that speaks to them and that they really want to become apart of.

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How does the web app look and feel to use?

The FundedByMe platform is very well designed and the projects that are showcased appear in their best light with a video. Users can browse through the many projects and quickly see how close each one is to its goals, read up on a summary or watch the video intended to be a sales pitch for the organization. The site can be viewed in Swedish or English and users could view an international version of the site to discover even more projects.

How does the registration process work?

New users can register for a FundedByMe account by visiting: http://fundedbyme.com/accounts/login/

From there they will be asked to provide their username, a first and last name, email address, and password. New users could also upload a photo of themselves as a profile picture, submit a biography through the "About" section provided, and list their location, web site and phone number. New users will have to agree to FundedByMe's terms of service and from there they can access the site and begin submitting their own projects or discovering ones that they want to become apart of.

What does it cost to use the application?

Users can sign up for FundedByMe for free. However, they do charge fees for certain services. FundedByMe charges a 6% administration fee onto project funds. FundedByMe uses PayPal to send and receive money, so users will be subject to PayPal fees on top of FundedByMe fees for their transactions.

Who would you recommend the application to?

This site is a good resource for anyone who has a project that they believe in but who does not have the resources to get it off the ground. Accessing the personnel and community at FundedByMe can provide additonal exposure and opportunities to entrepreneurs. While it is still developing and has a niche market primarily with Swedish and Norwegian visitors, FundedByMe is a good concept and it will be interesting to see it develop further.

  • Submit projects to be reviewed and showcased on the FundedByMe platform
  • Receive feedback from the FundedByMe team
  • Set fundraising goals and thresholds for getting a project up off the ground


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